Bharat Coking Coal IPO to list on Jan 19; here's what latest GMP hints at

Bharat Coking Coal IPO received an overwhelming investor interest, achieving an overall oversubscription of 146.87 times, driven largely by strong participation from QIBs

Bharat Coking Coal IPO listing forecast: Bharat Coking Coal, a subsidiary of Coal India, is set to make its Dalal Street debut on Monday, January 19, 2026, and early indicators from the grey market point to a bumper listing. The company raised ₹1,071.11 crore through its initial public offering (IPO), which comprised an offer for sale (OFS) of 465.7 million equity shares. There is no fresh issue component.

 

Bharat Coking Coal IPO received an overwhelming investor interest, achieving an overall oversubscription of 146.87 times, driven largely by strong participation from qualified institutional buyers (QIBs), whose quota was booked 310.81 times. The non-institutional investors (NIIs) and retail investor segment also showed decent demand, oversubscribing their portions by 258.16 times and 49.33 times, respectively, according to NSE data.

 

 

The basis of allotment for the issue was finalised on Wednesday, January 14, 2026, and investors are now awaiting the stock’s debut on Dalal Street. Ahead of its debut, the company’s unlisted shares were trading at around ₹37.2 apiece in the grey market, indicating a premium of ₹14.2 or 61.75 per cent over the issue price of ₹23, as per sources tracking unofficial markets.

 

If the current grey market sentiment sustains, Bharat Coking shares are likely to debut around ₹37, implying potential listing gains of 62 per cent for IPO investors. However, market experts caution that the grey market operates outside regulatory oversight, and the GMP (Grey Market Premium) should not be viewed as a definitive indicator of the stock’s actual listing performance.

Bharat Coking Coal IPO details

The IPO comprised an OFS of 465.7 million shares aggregating to ₹1,071.11 crore. The issue was offered at a price band of ₹21 to ₹23 per share, with a lot size of 600 shares. The public issue was open for subscription from January 9 to January 13, 2026.

 

Kfin Technologies is the registrar for the issue. IDBI Capital Markets and Securities, along with ICICI Securities, are the book-running lead managers.

 

According to the Red Herring Prospectus (RHP), the company will not receive any proceeds from the funds raised through the issue, as the entire offer comprises a sale of shares by the promoter, Coal India.